Singapore Airlines Ltd is set to delist Tiger Airways Holdings Ltd as its takeover offer for the budget airline closes on Friday, the company said.
Singapore's national carrier said by February 26, it owned, controlled or had agreed to acquire 95.6% of Tiger Airways, a level which would allow for the compulsory acquisition of all of Tiger Airways' outstanding shares.
Singapore Airlines (SIA) owned 55.8% of Tiger Airways before launching an offer to take over the rest of the budget carrier in November. It has since raised the offer price, and extended the deadline for closing the offer a few times.
Tiger Airways reported a quarterly profit for the three months ended Dec 31, after three straight quarters of losses.
Integration of SIA's low-cost units, including Tiger Airways and Scoot, could help the group better compete with fast growing budget carriers and cash-rich Gulf airlines.
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